NBFC Project Director

About Us

Guided by Karandaaz vision, we believe that every Pakistani deserves to be Financially Included and Economically Empowered. Our Mission at Karandaaz is to Foster economic growth and create jobs through financial inclusion of unbanked individuals and unserved enterprises.

Karandaaz Pakistan is a Non-profit organization, based out of Islamabad and was established in 2014. We are registered with the Securities and Exchange Commission of Pakistan under Section 42 of the Companies Act. We are supported by UK’s Department for International Development (DFID) with a capital commitment of £187 million and Bill and Melinda Gates Foundation (BMGF) providing a grant of $32. Karandaaz is governed by an eminent board who set the strategy of the organization and steer it towards achievement of its objectives.

Background:

Karandaaz promotes access to finance for small businesses through a commercially directed investment platform, and financial inclusion for individuals by employing technology enabled digital solutions. Karandaaz has four verticals (Capital, Digital, Innovation and Knowledge). One of the Karandaaz four verticals – Karandaaz Capital provides wholesale structured credit and equity-linked direct growth capital investment in Micro, Small and Medium-sized Enterprises (MSMEs) with compelling prospects for sustainable growth and employment generation in Pakistan. As of May 2019, Karandaaz Capital has an outstanding portfolio of PKR 9.4 billion and has been able to leverage its investment through partners at 2.3 times. In addition, our investments in MSME space have so far supported creation of 756,732 jobs.

To further the agenda for increasing SME financing, Karandaaz intends to set up a Non-Bank Finance Company (NBFC) licensed under the regulations of Securities & Exchange Commission of Pakistan (SECP). The NBFC will focus on providing financing to SMEs in specific sectors which have been selected using a multi-factor framework, including regulatory, financial, human resource, taxation and development impact parameters.  A feasibility study for the NBFC has already been prepared and Karandaaz has initiated the process for engaging an external consulting firm to prepare business case, design customer-focused products, support registration, and assist in potential capital raise and the operationalization of NBFC.

Position Summary:

To move forward with setting up the NBFC, Karandaaz seeks to engage a senior and experienced professional to manage the transaction in liaison with the NBFC Steering Committee and the senior management. The individual must be a financial industry expert with experience of SME financing in Pakistan, preferably in an NBFI with experience of managing multiple stakeholders. He/She will have primary responsibility for setting up and operationalizing the entity.

The incumbent of the position will work as part of the Karandaaz Capital team and will report to the Chief Executive Officer as well as the NBFC Steerco. Ideal candidate for this position would be someone with a passion to work in the SME financing space with understanding of commercial, business, legal and regulatory matters pertaining to SME finance. The applicant should be able to demonstrate a track record of creating innovative solutions, and prove his/her potential to propose new solutions to increase the uptake of SME financing in Pakistan.

The initial contract will be given for a period of three years.  Karandaaz is a growing organization with ambitious portfolio goals. Depending on need and based on individual’s performance, Karandaaz may extend the position for a longer period. Also, subject to open competitive process, the NBFC project Director can potentially be transferred to the newly formed NBFI at an appropriate senior leadership position once the organization is incorporated and operational.

Key Duties and Responsibilities:

The core functions and responsibilities of the position will include the following:

NBFC Business Planning

• • Work with external consultants for preparing the business case, products, market analysis and work plan consisting of activities, timelines, and responsibilities for establishment of NBFC.
  • Quality assure the NBFC business case and arrange it to be presented to SteerCo/Investment Committee/Board (as the case may be) for advice

Capital Raise

• • Prepare the investment memorandum in close collaboration with CIO and pitch the business case to potential commercial or development investors for capital (equity or debt) participation in the NBFC
  • Review expressions of interest and terms demanded by potential investors and make his/her recommendations
  • Work with multiple internal and external stakeholders for closing the transaction

Regulatory Approvals

• • Work with regulators, law firm and tax/accounting firm for securing the registration and license of the NBFC

Establishment of New Entity

• • He/She will work with the consultants in establishing the operational policies and process for the new entity
  • He/She will play a vital role in initial staffing of the organization and establishment of the board of NBFC
  • Any other direct or ancillary function that is required for closing the transaction

The individual will also act as a Secretary of the Steering Committee comprising Board Chair, Few Board Members, External Expert(s), Representative of DFID, CEO KRN and CIO KRN for maintaining minutes of all Steerco meetings and prepare reports on the transaction for the Karandaaz Board.

Candidate Profile

Education and Experience

• • Minimum 12 years of financial sector experience in the SME Financing in a commercial Bank, a development financial institution (DFI) or preferably an NBFI
  • He/ She must hold a Masters level degree or equivalent in business, economics, accounting or related discipline from a reputable international or Pakistani institution

Desired Skills and Experience

• Should have an innovative and creative approach to solve the problem of SME finance in Pakistan
• Superior Project Management experience within financial services – or development-related field
• Prior experience in setting up special purpose vehicles (SPVs) will be a plus. Experience of setting up SPVs with a double bottom line objective- commercial and developmental and/or experience of setting up SME-focused SPVs will be considered a significant advantage;
• Knowledge of SME lending programs from other developing countries will also be preferable;
• In-depth knowledge of SME ecosystems and the stakeholder groups and sector infrastructure required to ensure success (knowledge of robust SME sectors in the region and/or other developing economies will be considered an advantage);
• In-depth and up-to-date knowledge of current financial technology platforms, and how those IT platforms can be leverage for operationalizing credit products for SMEs;
• In-depth understanding of financial sector regulatory regimes in Pakistan and/or similar; jurisdictions/developing economies;
• Ability to coordinate and manage multiple stakeholders to provide a holistic project management support
• Very strong analytical, writing and presentation skills
• Ability to work independently and as part of an integrated, diverse team and be comfortable in multiple, high varied settings, and tight deadlines with different work and learning styles
• Ability to manage multiple and competing demands, and establish priorities
• Passion for the mission and alignment with core values of Karandaaz Pakistan.

Culture and Values at Karandaaz

Karandaaz Culture is guided by our values of Innovation, Collaboration, Accountability, Respect and Equity (ICARE). These values shape our choices on what we do and how we do it, both with colleagues internally and partners externally. We also believe that we are all responsible for creating a great place to work and are constantly looking to hire individuals who bring the same level of passion and commitment to the purpose of the organization.

If you believe in Karandaaz vision and values and feel excited about being a part of the change that NBFC Initiative aims to achieve in the SME sector of Pakistan, please send us your application for this position to careers@karandaaz.com.pk clearly mentioning the position title in the subject line. We will be accepting submissions till 21st^th July, 2019

Karandaaz is an equal opportunity employer.  Women and people with disabilities and encouraged to apply.